week, the Bank of Bermuda yesterday announced it was lowering its Bermuda dollar base rate by one quarter of one percent to 5.75 percent.

The bank is also lowering the interest rate on Bermuda dollar statement savings accounts to 3.5 percent from 3.75 percent and US dollar savings accounts to 3.25 percent from 3.5 percent.

The Bermuda dollar base rate is the benchmark for the pricing of demand loans and overdrafts in Bermuda dollars. Individual loans and overdrafts are set at a spread over the base rates.

The new rates will be effective on Monday. The two banks have lowered their rates twice this month in response to cuts by the US Federal Reserve.

"While this second decrease in our base rate will be welcomed by Bermudian borrowers, it is important to remember that what continues to drive it is an unsettled global financial environment,'' bank senior vice president Alan Richardson stated in a press release. "The changes in the interest rates on some of our savings accounts have become necessary in light of this global economic situation, the interest rate environment, and our initial base rate cut. We will monitor the situation closely, and hope to be able to limit this interest rate cut to 0.25 percent.'' OCEANS AND ENVIRONMENT SCI CON Oceans and environment An internationally renowned geologist will present a lecture on how the oceans have affected the environment.

Dr. Margaret Leinen, dean of the Graduate School of Oceanography at the University of Rhode Island, will make her presentation, `The Winds and the Ocean: Stories from the Geologic Past, at the Bermuda Biological Station for Research on Ferry Reach next Wednesday, November 4, at 7 p.m.

The lecture is part of a series of events hosted by the centre in celebration of the International Year of the Ocean.